Biotech
Alkermes Testing Schizophrenia Drug
Alkermes' stock price has been on a steady rise since the beginning of the year -- up 17% -- as investors anticipate the approval of the diabetes drug Exenatide once weekly, which will be marketed by Amylin Pharmaceuticals(AMLN) and Eli Lilly(LLY).
Exenatide once weekly was developed with Alkermes' long-acting drug delivery technology, and the company will receive royalties on the drug's sales. The FDA is expected to issue an approval decision for Exenatide once weekly on March 5. Alkermes shares closed Wednesday at $11.09. -- Reported by Adam Feuerstein in Boston Follow Adam Feuerstein on Twitter.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
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